FHA Loans for Those With Low Scores
A low credit score doesn’t mean you can’t get an FHA loan, no matter what you were told. The FHA can help those with low credit scores down to a 500 score. With a score of 500 to 579, you only need 10% of the purchase price down on an FHA loan! Those with a 580 or higher can qualify for an FHA loan with as little as 3.5% down. FHA even allows family to help gift funds for your loan!
Credit issue FHA timelines can be found here.
The Big-Lender Problem
The larger a lender, the less likely they will be to help someone with a smaller loan or credit issues. This unfairly excludes those who want to buy a house, but have fallen on hard times. They will place extra restrictions on the loans they are “allowed” to take so that they only deal with high-credit, easy to process loans from over-qualified borrowers, even though the FHA allows borrowers all the way down to a 500 score!
The Benefit of Core Financial
Your loan will be viewed by a tight knit team working with you every step of the way. We follow the guidelines directly from the FHA instead of placing unnecessary restrictions on the type of borrowers we accept. This means that you and your loan will be handled the way the FHA intended it.